publication . Article . 2011

Political uncertainty and stock market returns: evidence from the 1995 Quebec referendum

Marie-Claude Beaulieu; Naceur Essaddam; Jean-Claude Cosset;
Open Access
  • Published: 28 Dec 2011 Journal: Canadian Journal of Economics, volume 39, issue 2 May, pages 621-642
Abstract. In this study, we investigate the short run effect of the 30 October 1995 Quebec referendum on the common stock returns of Quebec firms. Our results show that the uncertainty surrounding the referendum outcome had an impact on stock returns of Quebec firms. We also find that the effect of the referendum varied with the political risk exposure of Quebec firms, that is, the structure of assets and principally the degree of foreign involvement. JEL classification: G14, G15
free text keywords: Economics and Econometrics, jel:G14, jel:G15, Common stock, Political risk, Stock market, Politics, Monetary economics, Referendum, Stock (geology), Economics, Short run, Market economy
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